topic Re: WAMU IS RAISING MY APR in Credit Cards

WAMU IS RAISING MY APR

Anonymous — Tue, 22 Jul 2008 03:15:07 GMT

Hello forum members, I have reading posts since last June and the info here has been awesome. This is my first post. I just got my wamu credit card bill. They are raising my APR from 16% to 25.99% in September. I called customer service and asked why, they said they would send a letter.I asked to speak with a supervisor and informed her that I had never been late with them or any other card, pay more than the minimum, have a checking,savings,mortgage,and business checking with them.That they should be lowering my rate and increasing my CL. She also said wait for the letter. I told her that if they did not reverse this increase I would have to excercize other options, which could include taking all of my business elsewhere. My intention is to pay off balance(1200) and put card away and not use it for long time and if i do pay in full. The credit limit is 1500 and have had card for nearly a year. I know my scores are not bad but my utilization is high on all of my cards. that was done out of necessity to finance my business startup costs. All balances will be below 50% in august.ALL my scores are 640 and above. I can't believe they are sticking it to loyal and consistent customers because of the credit crisis. I guess they are using that universal default clause because i sure have never been late or over limit on any of my credit cards. I guess I'll be hearing from hooters, carnival,hsbc, and my visa card bank next.Has this happened to anyone else??

Re: WAMU IS RAISING MY APR

jmbfl — Tue, 22 Jul 2008 04:00:07 GMT

High balances on all your cards is asking for a problem. And your messing with WaMu. WaMu=Providian and Providian perfected the ratejack. Pay off or transfer the balance, SD the card, use it once a quarter for a $10 purchase. DO NOT CLOSE THE ACCOUNT! It is very unlikely that WaMu will do anything for you on this, maybe ever.

As for your other cards - it could happen. Your other cards are not from the most loving of issuers. My best recommendation is to get those balances down ASAP!

Re: WAMU IS RAISING MY APR

Anonymous — Tue, 22 Jul 2008 04:40:34 GMT

Whoa! Tell me if I am wrong, this is just my assumption, but will keeping a revolving balance for way too long cause CCC to raise your APR? I have a $3k balance on a $12.5K that's been going on for months. I always pay way ahead of time and double the minimum. I'm worried now.

Re: WAMU IS RAISING MY APR

TangMeister — Tue, 22 Jul 2008 04:58:11 GMT

Perhaps someone like Amex might do something about it...though they'd probably hit you with a CLD or close the acct. The trigger for universal default seems to be high utilization on multiple cards. YMMV.

@Anonymous wrote:
Whoa! Tell me if I am wrong, this is just my assumption, but will keeping a revolving balance for way too long cause CCC to raise your APR? I have a $3k balance on a $12.5K that's been going on for months. I always pay way ahead of time and double the minimum. I'm worried now.

Re: WAMU IS RAISING MY APR

Anonymous — Tue, 22 Jul 2008 04:59:03 GMT

1200/ 1500 = 80% UTL

3/12.5K= 24%

Now I am sure the OP knows they can keep the old APR but would need to close the account-

thatdoodjohn wrote:
Whoa! Tell me if I am wrong, this is just my assumption, but will keeping a revolving balance for way too long cause CCC to raise your APR? I have a $3k balance on a $12.5K that's been going on for months. I always pay way ahead of time and double the minimum. I'm worried now.

Re: WAMU IS RAISING MY APR

Anonymous — Tue, 22 Jul 2008 06:42:16 GMT

Your best form of retaliation against providers that ratejack you is to charge tiny amounts on the card every other month or so.

I have a friend who got ratejacked...she now charges a $1.79 Big Gulp every other month...makes the company go through the hassle of mailing a statement to her, all for a measly $1.79. At the end of the year, she'll call the company and ask for a lower rate.

If they pretend to give you a good deal, pretend to use the card.

Re: WAMU IS RAISING MY APR

Anonymous — Tue, 22 Jul 2008 13:50:42 GMT

Thank goodness I am only running balances on 2 out of my 10 cards right now. The rest are at zero balances (including the Wamu card that I already have and the one that I am waiting to arrive in the mail).

Re: WAMU IS RAISING MY APR

fishbjc — Tue, 22 Jul 2008 14:00:25 GMT

ANOTHER reason to go for NFCU. They don't seem to play these *games* with their customers.

I like the *big gulp* idea, funny.

Re: WAMU IS RAISING MY APR

Anonymous — Tue, 22 Jul 2008 14:07:34 GMT

@fishbjc wrote:
ANOTHER reason to go for NFCU. They don't seem to play these *games* with their customers.

I like the *big gulp* idea, funny.

I agree. If you qualify, NFCU gives good CLs and IRs to folks, and doesn't practice UD.

Re: WAMU IS RAISING MY APR

Anonymous — Tue, 22 Jul 2008 14:09:36 GMT

I'm glad WAMU declined me all those months ago. They seem like bottom feeders.

OP - Running a high balance for any extended period of time with WAMU seems like a trigger for them to rate jack you. I've read many posts from other members with similar circumstances.

Re: WAMU IS RAISING MY APR

Anonymous — Tue, 22 Jul 2008 14:12:57 GMT

some creditors for give small balance

I paid off my chase BT I owe $1 in residual interest and was credited back to my account.

probably cause it would cost than a $1 to process the payment, so when the rate jack you get that $0.99 fountain drink at the local convience store and let it be on them